SINGAPORE: Singapore ordered BSI’s operations in the city-state to close, as Switzerland started criminal proceedings against the private bank, in the biggest international crackdown on financial entities dealing with a Malaysian state fund.
The Monetary Authority of Singapore (MAS) said it had withdrawn BSI Bank’s status as a merchant bank in Singapore for serious breaches of anti-money laundering rules, the first time in 32 years it has taken such action against a bank.
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